Mike Haley, who leads the OFT's Scambusters team said: "This research shows for the first time the full extent of damage done to individuals and to the wider UK economy by manipulative and malicious scams.

Along with other security tips on its Web site, the company provides a definition of phishing, what consumers should look for to spot a scam, how to decrease their risk of becoming a victim, how to report an online scam, a list of recent phishing attacks and where to seek further information about the scams.

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